Crypto Academy Season 2 Week 1 Homework Post for @yohan2on "Looking beyond the Bitcoin" - Litecoin | by @kawsar

in SteemitCryptoAcademy3 years ago

Assalamu Alaikum
My Dear Steem Friends,
This is @kawsar from Bangladesh.

Today in this post I will share with you my Homework Season-2 Week-1 for @yohan2on. The course that the professor @yohan2on gave us today is really important and I have learned a lot from this course. Professor @yohan2on Season-2 Week-1 gave us homework tasks: Write about any one of the following Altcoins.

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There was homework this week.

Write about any one of the following Altcoins

  • Litecoin (LTC)
  • Ripple (XRP)
  • Binance coin (BNB)
    Out of these three, I have chosen to discuss about Litecoin (LTC).


What is Altcoin

Altcoin is a combination of two words: First Word is Alt and Second Word is Coins.Al Means Alternative and Coins Means Cryptocurrenc. Together these two refer to a category of cryptocurrency that is an alternative to the digital bitcoin cryptocurrency currency. altcoins launched after success Bitcoin cryptocurrency. Following the success of Bitcoin, many more peer-to-peer digital currencies are trying to mimic the success of Bitcoin, just as coins are trying to succeed.Many of the atlcoins are built on the basic infrastructure provided by Bitcoin, and most of them solve the problems faced by the peer-to-peer users and provide secure and cost-effective ways to manage web transactions, But Many Altcoins, even with many overlapping features, very widely from one another Coins.To date, over 5000 more altcoins have been created around the world. that are on the path to Bitcoin for success. Some of the most well-known Altcoins (based on market cap) are Ethereum, Litecoin, Ripple, Tether, Bitcoin Cash, and Bitcoin SV. There are certain coins whose value serves more purpose than exchanging coins. such as: "Security Tokens or Utility Tokens"


What is Litecoin:

Litecoin is a peer-to-peer online currency in the world. Litecoin is an open source, global payment network system technology. It has many similarities with Bitcoin and is based on Bitcoin's source code. It is totally decentralised cryptocurrency. Litecoin set up by Charlie Lee (a former Google employee) in 2011. Litecoin transaction features confirmation times very short & transparent and improved storage efficiency than the leading math-based currency. Litecoin can be used for much cheaper transactions and is designed to be more efficient for everyday use.

In comparison, Bitcoin was being used more as a long-term purpose value savings. Coin limit Market cap is much higher on litecoin than bitcoin. And Litecoin's mining system is much faster than bitcoin. Like Bitcoin, Litecoin is a type of digital currency are also created using blockchain technology. It can be used to transfer funds directly between individuals or any business purpose. These transactions ensure that all transactions are recorded in the public ledger. litecoin allows currency to operate a decentralised payment system free from government control or censorship.


How Litecoin Is Made?

Like all cryptocurrencies, litecoins do not issue any government directives, historically the only entity that depends on the payment of society. Instead, it is regulated by the Federal Reserve and created by an extension method called mining, through a press release from the Bureau of Engraving and Printing, which processes a list in litecoin transactions. Unlike traditional currencies, the supply of litecoins is always constant and ultimately there will be only 84 million litecoins circulation and not one more. Every 2.5 minutes , the litecoin network generates a what is called a block (as opposed to 10 minutes for bitcoin). This block has been verified by mining software and it is visible to anyone or any miner who wants to see it and a minor can see it, then the block enters the chain. Which is a report of every litecoin transaction so far.


Mining for Litecoin:

When a person wants to mine this litecoin, the first thing the miner has to do is successfully verify a block. When this person successfully verifies the block for the first time, the miner is rewarded with fifty litecoins. The number of litecoinsvgiven for this type of work decreases over time. It was halved in October 2015 and will continue at regular intervals until the 84,00,000 litecoin mining. But whether an unscrupulous miner can be able to spend twice as much on this same light coin can change this disease or not, this scandal no other miner can do immediately, because it can be identified. Your Dell Inspiron's central processing unit is nowhere near as fast as it is to mine most cryptocurrencies. These can usually be mined with off-the-shelf computers more than other off-cryptocurrencies. However, the higher the capacity of a machine for this mining, the higher the opportunity for a miner to earn a higher price.


How To Get Litecoin?

There are many Notable Exchange sites for buying or trading LiteCoin Cryptocurrency. from the Notable Exchange sites where you can buy or trade this litecoin very easily. Such as:
  • Binance
  • Houbi Global
  • Coinbase Pro

Screenshot_1.jpg

Pairs listing on Binance



SUMMARY OF LITECOIN

PluralLitecoins
Ticker symbolLTC
Original AuthorCharlie Lee(Former Employee of Google)
Initial release7 October 2011
Latest release11 June 2020
Code repositorygithub.com/litecoin-project/litecoin
Source modelOpen source
LicenseMIT License
Websitelitecoin.org litecoin.com
Circulating supply66,752,415 LTC
Supply limit84,000,000 LTC


CC: @yohan2on

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Hi @kawar

Thanks for your attendance and participation in the Steemit Crypto Academy

Feedback
This is good work. Well done with your research on Litecoin.

I advise you to make your work more organized by breaking down the huge paragraphs of your article into smaller readable ones. It's too boring and very tiring to read a paragraph that is 16lines long. Kindly look into that.

Homework task
7

 3 years ago 

Thank you Professor @yohan2on for your advice.

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